News Summary

• To share data across borders, Kakao needed to undergo even more strenuous consent processes.FSS also argued that sharing so much data was not necessary to enable overseas payments through a partner.
• Sending NSF information – when all Alipay needed to do was match users to Apple IDs – seemed a bit like overkill.Furthermore, according to the regulator, the policy to share so much data had changed over time.
• Kakao Pay shares plummeted from an already record low following the news of the data leak.And just last Thursday, Kakao's billionaire founder, Kim Beom-su (also known as Brian Kim), was indicted on charges of stock market manipulation.
• "Kakao Pay did not provide Alipay with the credit information of overseas payment customers at the beginning of its partnership with Alipay," it stated.And as for that encryption?
• It also claimed that all information was encrypted – and therefore not problematic.The regulator responded by doubling down and clarifying its stance on Wednesday.
• Kakao Pay used the most common encryption program found on the market, said the regulator.